“Bad idea”: India is criticized for banning cryptocurrency

"Bad idea": India is criticized for banning cryptocurrency
The ban on cryptocurrency in India will be more annoying than helping the population (Picture: Unsplash / @ ewankenno19)

a Electronic Frontier Foundation (EFF) The Indian government has been criticized for proposing a ban on cryptocurrencies in the country, reports Decrypt.

On one EditorialLegal trainee Sasha matthew And strategy director Danny O’Brien EFF wrote:

The Indian government is concerned about using cryptocurrency to facilitate illegal activities, but ignores many completely legal uses of cryptocurrency that already exist and will continue to develop in the future as well.

The EFF described the proposal as “drastic and excessive restrictions, which require strict supervision and control to meet”. Experts make four arguments:

1) Cryptocurrency promotes financial inclusion

In 2017, More than 10% Indian population was still Bankless, Namely, it did not have access to banking services, which were often expensive.

Experts say “cryptocurrency can help people gain access to financial services” and “cryptocurrency innovation also promises to fix other power imbalances”.

2) use “completely legal” cases

The EFF claims that the Indian government ignores all “completely legal” cases because of concerns about illegal activities.

3) Prohibition can harm people rather than protect them

The EFF states:

Cryptocurrency transactions in India will move to “illegal” sites which will be very poor in protecting users.

4) Complying with the ban will be painstaking

If the Indian government planned to implement its own Drakeon rules effectively, it would need to intercept, intercept and spy on internet traffic to detect or prevent cryptocurrency transactions.

In March, the Reuters Had stated that the government plans to occupy, issue, negotiate and prohibit Cryptocurrency mining, With potential penalties for investors who do not liquidate their assets.

According to the government, cryptocurrency can create financial instability and seeks to take this approach to protect investors from volatility.

Why are emerging countries like India
Who should buy bitcoin and not ban it?

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Cory Weinberg

About the author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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